NRB brings reforms

KATHMANDU: Nepal Rastra Bank (NRB) has adopted various reform measures in order to make the banking system more competitive. Reforms in the central bank was essential after Nepal joined the WTO, the SAFTA was enforced and membership of BIMSTEC was taken. The Bank has recently released a five-year reforms programme with the objective of achieving the targeted economic growth rate and supporting financial activities through the effective enforcement of the monetary policy. The five-year strategic programme gives top priority to the development needs of the nation. — RSS

Commercial farming

BHAKTAPUR: Project for the development of commercial farming of vegetables launched here by the District Agriculture Development Office, Bhaktapur to produce seasonal and off-seasonal vegetables has concluded. Various programmes were laun-ched for developing and modernising the commercial farming of vegetables, which the locals have been taking up as family occupation. — RSS

Economic growth

WASHINGTON: Long lagging behind other regions of the world, sub-Sahara Africa is showing economic growth that could lift thousands of people out of poverty, World Bank stated in ‘World Development Indicators’. Growth in the 48-country region hit 4.8 per cent in 2004, exceeding the global growth rate of 4.1 per cent in 2004, last year the survey covers. — AP

Nod to IMF revamp

WASHINGTON: Economic powers gave the world’s financial firefighter, the IMF, the green light to remake the 61-year-old institution so it can better prevent and cope with crises. The strategy was embraced by the IMF’s steering committee during the weekend meetings of the IMF and WB. — AP